American Family buys commercial insurtech Bold Penguin
US-based commercial insurtech Bold Penguin is to be acquired by property/casualty insurance group American Family in a move aimed at expanding its digital platform for small businesses.
Bold Penguin, based in Columbus, Ohio, launched its digital exchange in 2016 to enhance connections between small businesses, insurance agencies and insurers, aiming to reduce the complexity and hassle in the insurance-buying process for all parties.
American Family’s venture capital firm was one of the early investors in Bold Penguin.
Following the deal, Bold Penguin will become a subsidiary of the American Family Insurance group, while retaining its name, management team and business model.
The acquisition will enable the insurtech to leverage the scale and financial stability of American Family, allowing it to accelerate its digital capabilities while remaining independent and expand its exchange.
“Helping streamline the insurance experience for small businesses inspires us, and this transaction will super-charge our growth and service to partners even more, while fueling visionary, long-term work,” said Ben Clarke, co-founder and chief data officer of Bold Penguin.
Bill Westrate, American Family president and CEO-elect, said: “Our partnership with Bold Penguin is another investment in our American Family agency owners,” Westrate said. “They are trusted insurance advisors, and especially with small businesses, which require a broad product suite and tailored solutions. The Bold Penguin platform will take our agency owners’ ability to fulfill that role to the next level.”
